According to information that I reviewed on Houston Association of REALTORS Multiple Listing Service, as of 11/10/2011, there are 114 single family residential homes on the market priced from $199,000 for a 1228 sq. ft, 3 bed/1 bath home on a 6750 sq. ft. lot to a high of $2,750,000 for a unique in size 112,280 sq. ft. lot along with a 1950 built, 3487 sq. ft, 4 bedroom/ 3 bath, 2 car garage home. The average list price per sq ft is $229.99. Nineteen homes are for sale for over $1,000,000 and 32 homes are priced at $400,000 or less. As of 11/10/2011 there are an additional 30 homes pending under contract priced from $249,900 to $1,149,000.
In October 2011, 19 sales closed with an average sales price per average sq. ft. of $206.63. The low sales price was $225,000 for a 3 bed/1 bath/ 1 car garage, 1449 sq. ft., home, sold mainly for the 8775 sq. ft. lot. The highest reported sales price was $1,265,000 for a new construction, 5308 sq. ft., 4 bed/ 4.5 bath/ 2 car garage home on a 8100 sq. ft. lot.
There are presently reported to be 6 townhomes actively on the market, priced from $189,000 to $289,000. The average listing price per average sq. ft .price is $136.67. Three are pending and under contract. In October 2011, 1 townhome sold for $210,000 with an average sold price per average sq. ft .price of $129.01.
New construction prices in Bellaire are holding firm for the most part. Most builders are carrying less inventory due to tighter lending requirements and slower sales, so most of the new homes are custom homes. However a few builders are starting spec homes or buying lots, so that is an optimistic sign. With inventory up, and interest rates at a near 50 year low, it makes it an attractive time to buy.
ZIP Code: 77401 Location Characteristics: Bellaire, Texas, located on both sides of Interstate Loop 610 West, is surrounded by Houston and many subdivisions including West University Place, Southside Place, Meyerland, Willow Meadows, and Afton Oaks. It's a very short distance to the Galleria, Reliant Stadium, downtown Houston, the Theater District, and the Medical Center.
Bellaire is zoned for residential,commercial, and light industrial sections. The city is well known as a residential city. The city is well-liked for its police and fire protection, parks and recreation facilities, library, public works department, and recycling center.
For the most part, construction in Bellaire originated in the late 40's and 50's. Many of these original homes have been and are being purchased at lot value with the old homes being replaced with larger, new construction homes.
